NEW YORK, NY / ACCESSWIRE / February 22, 2018 / U.S. markets spiked to session highs after minutes from the Fed's January meeting were released, but then dropped as yields for the 10-year Treasury note jumped to 2.95 percent. The Dow Jones Industrial Average touched a high of 25,267.99, before settling to close at 24,797.78, down 0.67 percent, while the S&P 500 Index hit a high of 2,747.75 before settling to close at 2,701.33, a decrease of 0.55 percent. The Nasdaq Composite Index touched a high of 7,338.64 in intraday trading before settling to close at 7,218.23, a decrease of 0.22 percent.
"Today's minutes didn't give us much of what we didn't already know: rates are going up this year, inflation is rising modestly, unemployment remains low, and wages are ticking up, albeit slightly," said Mike Loewengart, vice president of investment strategy at E-Trade, according to CNBC. "The economy does not feel overheated, it feels like it's continuing its positive momentum from last year. Should we see a string of inflation metrics that suggests otherwise, then the thesis changes."
RDI Initiates Coverage on:
Bank of America Corporation
Bank of America's stock edged 0.19% lower Wednesday, to close the day at $31.87. The stock recorded a trading volume of 72,209,458 shares, which was below its three months average volume of 77,325,924 shares. In the last year, Bank of America's shares have traded in a range of 22.07 - 32.67. The share price has gained 44.40% from its 52 week low. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $31.25 is greater than its 200-day moving average of $27.52. Shares of the company are trading at a Price to Earnings ratio of 20.43. Shares of Bank of America have gained roughly 0.47 percent in the past month and are up 7.96 percent year-to-date.
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On Wednesday, shares of Citigroup recorded a trading volume of 15,888,701 shares, which was below the three months average volume of 16,582,663 shares. The stock ended the day 0.71% higher at 77.00. The share price has gained 36.16% from its 52-week low with a 52-week trading range of 56.55 - 80.70. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $76.56 is greater than its 200-day moving average of $73.10. Shares of Citigroup have fallen roughly 1.66 percent in the past month and are up 3.48 percent year-to-date.
Access RDI's Citigroup, Inc. Research Report at:
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